The accountants rely on the guidelines provided by the International Financial Reporting Standards and the General Accepted Accounting Principles in the preparation the financial statements of any organizations. However, the main aim of the guidelines provided is to help the accountants make concrete decisions on the preparation of the financial statements. Financial statements should be as easy as possible for general public, especially the users of the financial statements to understand (Shamrock, 2012). Therefore, their main aim is to make the preparers of the financial statements achieve uniformity in the presentation. The simplifications of the statements help the shareholders Continue reading...